Business Innovation and Investment (Provisional) Visa (subclass 188)
The Business Innovation and Investment (Provisional) Visa (subclass 188) is a temporary visa for business people aspiring to own and manage a new or existing business in Australia, or to invest in Australian States or Territories. This visa comes under the Business Innovation and Investment Program and is valid for four years. Holding this visa is considered as the first step towards procuring a Business Innovation and Investment (Permanent) visa (subclass 888) which is permanent business migration visa.
This visa comprises of the following three primary streams:
- The Business Innovation stream is for business people who wish to start, develop and manage a new business or an existing one in Australia.
- The Investor stream is for business people who desire to invest a designated amount of not less than AUD 1.5 million in an Australian State or Territory and to continue to maintain investment and business activities in Australia.
- The Significant Investor stream is for business people who are keen on investing at least AUD 5 million in Complying investments in Australia and wish to maintain investment and business activities in Australia.
If holders of this visa wish to extend their stay in Australia for an additional two years, they can apply under these secondary streams:
- The Business Innovation Extension stream for the holders of this visa under the Business Innovation stream
· The Significant Investor Extension stream for the holders of this visa under the Significant Investor stream
The holders of this visa under the Investor stream will not be able to apply for an extension.
- You need to be invited by the Minister for Immigration and Border Protection to apply for this visa. When the letter of invitation is sent, you must have obtained a nomination from an Australian State or Territory Government agency.
- You also need to fulfil any other requirements or eligibility criteria for the stream in which you apply.
Apart from the basic requirements mentioned above, a few others have to be met at the time or as a part of the visa application process.
- Health requirements
Australia boasts of one of the best health standards in the world. In order to uphold these health standards, all applicants are obliged to meet certain health requirements to be granted this visa. It is mandatory for these applicants to go through health examinations as part of the visa application process. This is applicable to all the dependent family members listed in your application, whether they are migrating or not. This visa subclass has a provision for a health waiver to be exercised, but for the Business Innovation Extension stream or Significant Investor stream only.
- Character requirements
You are also obliged to meet certain character requirements. At the time of applying for your visa, you are required to provide a police clearance certificate from each and every country that you have lived in for 12 months or more. Certificates should be produced for the past 10 years after you completed 16 years of age. This is applicable to all the dependent family members listed in your application, whether they are migrating or not.
This visa mandates you to achieve a score of at least 65 points in the points test to be eligible to apply under the Business Innovation stream or the Investor stream. The points test is not applicable to the Significant Investor stream.